Here’s how tax reform changed accounting methods for small businesses
The Tax Cuts and Jobs Acts – better known simply as tax reform – allows more small business taxpayers to use the cash method of accounting. Tax reform now defines…
Business owners can claim a qualified business income deduction
Eligible taxpayers may now deduct up to 20 percent of certain business income from domestic businesses operated as sole proprietorships or through partnerships, S corporations, trusts, and estates. The deduction…
Tips for taxpayers who need to reconstruct records after disaster strikes
After a disaster, taxpayers might need to reconstruct records. This could help them prove their losses, which may be essential for tax purposes, getting federal assistance or insurance reimbursement. Here…
What are estimated taxes?
Estimated tax is the method used to pay tax on income that is not subject to withholding. This income includes earnings from self-employment, interest, dividends, rents, and alimony, unemployment compensation…
What does a tax attorney do for clients?
As I indicated previously, the most common client I see has numerous unfiled tax returns. As an example, let’s say that Mr. Jones retains me as his attorney. He has…
Hire a Tax Attorney— and end those Sleepless Nights!
I’m frequently at meetings, and when I’m asked what I do, and I say I’m an attorney, the person invariably asks, “What kind of attorney?” I suspect they’re guessing that…
Be Ready for a Natural Disaster!
Because a natural disaster can strike any time, the Internal Revenue Service is reminding individuals and businesses to take time now and create or update their emergency preparedness plan. During…